SGM Metals: Geithner "We SHould Eliminate the Debt Ceiling & Borrow Into Infinity"

Dec. 6, 2012 - PRLog -- CNSNews.com reports: [ Treasury Secretary Timothy Geithner said Friday that Congress should stop placing legal limits on the amount of money the government can borrow and effectively lift the debt limit to infinity.

On Bloomberg TV, “Political Capital” host Al Hunt asked Geithner if he believes “we ought to just eliminate the debt ceiling.” “Oh, absolutely,” Geithner said.

“You do?  Will you propose that?” Hunt asked.

“Well, this is something only Congress can solve,” Geithner said. “Congress put it on itself. We've had 100 years of experience with it, & I think only once--last summer--did people decide to use it to threaten default on the American credit for the first time in history as a tool for political advantage.  And that’s not a tenable strategy.”

Hunt then asked: “Is now the time to eliminate it?” “It would have been time a long time ago to eliminate it,” Geithner said. “The sooner the better.”

Geithner’s Treasury Department quietly warned at the end of October that the Treasury would reach current legal limit on the federal government's debt by about the end of the year.

In August 2011, President Obama & Congress agreed to lift the legal debt limit by another $2.4 trillion--allowing the government to borrow up to $16.394 trillion. However, as of the close of business on Thursday, the Treasury had only $154.3 billion of that $2.4 trillion in new borrowing authority left.

Senate Majority Leader Harry Reid (D-Nev.) said last week that the Senate stands ready to increase the debt limit by another $2.4 trillion. “If it has to be raised, we’ll raise it,” Reid said. ]

There you have it folks! The answer to the system of checks & balances that are designed to keep the fed. govt within a certain range of operation is viewed by the government itself as antiquated guidelines & should simply be done away with so that they can operate with impunity & without oversight! The debt ceiling is there so that the govt. can step back for a moment & say ‘we are running out of money because we are offering endless federal welfare to illegal immigrants, too much corporate welfare to our business associates, operating multiple wars & continually extending the unemployment benefits indefinitely so we should look for ways to cut back on spending as we are out of capital’ but they feel this is more of a nuisance than valid operating guidelines & simply gets in the way by letting the American public & the world as a whole know how out of control the govt.’s spending habits have become. So the answer is simply to do away with the oversight mechanisms altogether & simply let them do whatever they see fit & funnel money to whoever they need to in order to extend tax free thank yous to those who they are aligned with. We are in so much trouble that most people who are awake to this disastrous dilemma are unable to process it mentally because their brains don’t want to believe that people in the modern world can be that inherently evil & down right reckless without concern of consequence for their actions. And yet they are.

It is time we finally accept the fact that when we watch those dramas on TV for entertainment & are enthralled by the devious nature of those who seek power & are willing to lie, cheat, steal & kill to accomplish their selfish ends are not just characters made up for the purpose of entertainment but actually mirror images of those around us & often carbon copies of those currently in power. For example, when you watch movies like “Gladiator” we find ourselves in suspended disbelief & enthralled by these inconceivably evil people who will do anything to align themselves with power, money & even the crown itself. We are baffled by the betrayal exhibited to advance their social rankings by their willingness to murder or steal to get an opportunity to improve their proximity to the ruling families. Or like in Gladiator the scene where the ruling king attempts to sabotage the crowd favorite played by Russell Crow by “appearing to victoriously engage the Gladiator in combat” but attempting skew the outcome of the match in his favor by stabbing him under his armor & puncturing his lung. This was done so that as he attempted to engage him in the arena his lungs would fill with blood making it impossible to breathe & all but guaranteeing the victory for the evil king. These points are made because entertainment subconsciously plants the idea that these types of evil & power hungry people are from a period long ago & are purely for entertainment purposes because we are hundreds of years beyond this time period & have advanced as a society to a higher state of consciousness. The concept that we are a more refined version of humanity than our predecessors is a very disarming mind trick in that it suggests that we are beyond this type of power & money obsession which impedes our ability to see the same character traits or actions even around us in the modern world. If your brain was to actually make the connection to a modern day politician or banker your subconscious mind will dismiss it as your imagination trying to make a square peg fit into a round hole. And those in power are able to continue to perform like mad men before our eyes & we think not to question their agendas as they cant be as evil as those mad men from long ago, or at least that’s what the entertainment  industry would have you believe.

We have been conned into thinking in the modern world that greed & the willingness to exploit those around us as not being applicable to the character traits of the modern person. We need to let go of the blissfully ignorant concept that those in govt. have everything under control & will fix all the problems. These are the same people who got us here & all they have come up with so far is $49 TRILLION of newly printed fiat dollars since the housing crash & it has been shuffled to the very banks & politically aligned companies that got us into this disaster to begin with. Yet nothing has changed other than the fact that we are being told that Americans will have to take on austerity style taxes to repay the bailout monies that not one of us has benefited from. We are hearing rumblings of the Congress looking to seize the private pensions, 401Ks & IRAs in order to protect the nations retirement plans from imploding with the next stock market meltdown that seems to be just around the corner. There are talks of doing away with the debt ceiling altogether & simply letting the govt. continue to mismanage our nations wealth without oversight. They are also suggesting that the endless banker bailouts to the tune of $40 BILLION every month don’t quite seem to be enough & they are discussing expanding that number to unspeakable levels. These are the people who tell you Obama has created so many jobs & has spurred the recovery into high gear & yet for every single person who successfully secured employment under his watch we have seen him give 76 people food stamp access?

I can tell you this, its time you begin to accept that things may not be going as swimmingly as they have portrayed & that maybe you should begin to look as to what options you have in order to continue to roll with the punches as this depression finally demands its presence acknowledged. Establish your “Plan B” in physical gold & silver bullion so you can begin to participate in the sound money debate. Recessions can morph into depressions when those in charge are oblivious the impact of their complacency & inflation can morph into hyperinflation just the same. Our current currency war between the FED & China stands a good chance of degrading into a trade war if we are cautious & with China making 85% of WalMart’s inventory this could really cripple the nation overnight. Remember that it is a far better strategy to PREPARE your portfolio rather than to attempt to REPAIR it once the damage has begun. Tick, tock.